Top Trade Ideas for the Week of September 29, 2014: The Rest

• Posted by Greg Harmon
• on September 28th, 2014

Here are the Rest of the Top 10:

BioMarin Pharmaceutical, Ticker: $BMRN

BioMarin Pharmaceutical, $BMRN, is completing a ‘W-V’ and looks ready for more upside price action. The RSI is in the bullish zone and rising with a MACD crossed up, as it is about to print a Golden Cross.

CBOE, Ticker: $CBOE

CBOE, $CBOE, had a long run higher from mid July, breaking resistance and topping out at 56. Over the last two weeks it is pulled back but Thursday and Friday showed sings of that ending, with long lower shadows on the candlestick. Buyers showing up. The RSI has held at the mid line so far but the MACD is falling still.

Con-Way, Ticker: $CNW

Con-Way, $CNW, is testing the falling tend resistance as it bounces off of the 100 day SMA. The RSI is turning back higher and the MACD is leveling. There is a longer scale RSI Positive Reversal in the works that looks for new highs on continuation.

Progressive, Ticker: $PGR

The 25.50 to 25.65 range for Progressive, $PGR, has been important all year, with but one 2 day venture above it. It is at that resistance zone again with a bullish RSI and a flat MACD as it consolidates. Three taps in the past month and from higher lows has me looking for a break higher.

Zoetis, Ticker: $ZTS

Zoetis, $ZTS, made a strong run higher from a base between 32 and 33 before topping last week. The pullback lasted only 2 days before moving back up. It is close to approaching the prior high and the RSI remains bullish. But the last 4 days could be a bear flag, and the MACD heading lower supports more downside. Up or down, does nto matter, there are two potential trades here.

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which, closing out the 3rd Quarter, sees the equity indexes in retrench mode but without major damage yet. Elsewhere look for Gold to bounce around and possible rise in the downtrend while Crude Oil has a similar read with a reversal in the works, maybe. The US Dollar Index remains on fire, and maybe a little too hot in need of a rest while US Treasuries are moving higher. The Shanghai Composite remains strong and looks to go higher while Emerging Markets are biased to the downside. Volatility looks to remain subdued but with a risk higher keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The indexes themselves are looking better to the downside in the short run, with the IWM near support and the QQQ strong on the longer scale with the SPY likely to see a bit more downside. Use this information as you prepare for the coming week and trad’em well.

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